Republican Sen. Marco Rubio signed a pledge to repeal the death tax Tuesday, making him the first declared candidate to make the promise in writing.
Rubio signed the Family Business Coalition’s Death Tax Repeal Pledge, which states: “I Hereby Pledge to Support Repeal of the Federal Estate Tax,” effectively promising to make repeal of the tax a top priority if he becomes president.
The U.S. taxes death at a rate of up to 40 percent, which is the highest rate in the world. When the owner of a business dies and tries to pass it on to his family, their family is sometimes forced to sell part of the business because they don’t have the cash on hand to pay the tax, especially if it is inventory or land rich. (RELATED: How The Death Tax Squeezes Small Businesses Out Of The Market)
“The death tax is morally wrong and devastates family-owned farms and businesses across the country,” Rubio said in a statement. “I am proud to be the first presidential candidate to sign the Family Business Coalition’s Death Tax Repeal Pledge and will keep fighting until this punitive tax is repealed in full.” (RELATED: Dem Suggests Kids Should Be Drug-Tested Before They Can Inherit From Their Parents)
The House voted to repeal the tax for the first time in 10 years in April, and the bill, sponsored by Republican Rep. Kevin Brady, advanced to the Senate.
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